I can't call T. Boone Pickens a fool, but I will say that he's foolish for saying on CNBC Wednesday afternoon -- when natural gas finally broke below $2 -- that a bottom had to be "near" in the historic slide in the price of the most abundant fossil fuel in the U.S.

"It's never a good idea to pick a bottom," said Adam Bedard, senior director of energy analysis at consultant Bentek Energy. "To me, $2 is a psychological barrier so there is some support there, but people say that's as low as it goes, I think there is room to go lower."

Storage ability in the U.S. is near its max while supply is up year over year by 5.2 billion cubic feet (bcf), according to Bentek data.